Background information 

Capital & Income Solutions was a firm that lost their pension transfer permissions on July 4th 2019 and ended up going into liquidation in February 2020. Prior to this, Capital & Income Solutions prided themselves on being pension transfer advice specialists and ‘Experts in Pension’ release however this was not the case.

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Capital & Income Solutions not only gave bad advice, but exposed their clients to high fees and unregulated advice. The firm offered a range of unsuitable advice in the form of only recommending specific pension providers, usually one at a time before switching to a new preferred provider. This then did not offer clients options and pushed them in one direction. They also charged up to 5% fees for transfers, this was charged on the promise that this would cover annual reviews however this did not. 

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Other advice Capital & Income Solutions gave, was to tell clients to move their pension funds, mainly defined benefit pensions and then withdraw their 25% lump sum. The clients were then advised to invest this money into an investment bond and they were charged 3% for the advice on this!

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The firm also offered advice through an individual called Mike Connelly who was not regulated or qualified therefore the advice he offered was not specialist and he should not have been advising clients what to do with their funds.

If you were advised to move your defined benefit pension by Capital & Income Solutions or Mike Connelly, try our free assessment today to talk to a specialist to see if you can claim any compensation from the FSCS.